New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-11-27
STIR OVER A BROKEN FIRM.
DEATH AND FAILURE COME TOGETHER
The SENIOR PARTNER BREAKS HIS NECK AND THE


CONCERN MAKES AN ASSIGNMENT.
meeting OF the creditors of schwab & Son, whole
SAFE dealers In laces Of No. 555 Broadway, who Fri
u"S fhanc an assignment TO Hermann Frohmann without
preferences was held yesterday afternoon in the Office
VI leopold Wallach tho firms counsel
Inc failure was not entirely unexpected, because It
had been for time bruited about that the firm
" s'raitoned circumstances and was borrowing money
anu us credit rating was taken away by Bradstrce's.
but While all this known, the announcement Of
inc assignment caused some talk because It followed
80 closcly on the accidental death of Jacob Schwab
INC senior partner who longer ago than last Sunday
proke his neck by falling down the hatchway OF the
Heeh' elevator at HIS store. 1t reported that Mr.
sch"ab'S life was heavily insured and there were
waning the amlabe indy who do the croakinf
III SUCH cases to inslnuae that Jacob schwab's death
'o"u not be considered accidental, hut that business
Touolcs had led him to end his own life. In spite
inc afSurdy of this theory, which little considcra
non oi Tho manner If lie accident Will make apparent
" continued to obtain crcdcnce In certain quarters
yesterday in sc Of the denlas Of Emanuel
sch"ab son of jacob schwab and living partner o;
INC hrH' ana "f Lawyer LsOpold Walach.
bnt at the hands OF the main body Of the creditors
young Mr. Schwab was treated with the greatest
Slderation. At tho meeting holders Of $4,000 out
OF total Of 500 900 liabilities were represented Tho
greatest sympathy expressed with Mr. schwab
ana every disposition shown to facilitate salts
factory settlement. Mr. Franklin OF Aufimordt 4 co..
presided. a committee was appointed to examine
The affairs of Schwab Il Co., and recommend what was
best To be- done. The following arc the members Of
that committee: Mr. Phillips, Of Jaifc q Pincus W.
H. E"'cnblatt, Of DryofuS Cohen a Co. Mr. Prctzcl,
OF A-el a Co., and Mr.. Gallagher of Gracfe q Co.
Their report Will he made at a general meeting of
creditors to be held on Wednesday afternoon
Before filing the assignment on Friday, Emanuel
Schwab confessed judgments the following creditors
for borrowed money: Theresa Schwab. his mother,
= 49,
VI. Gugscnhcim's sons. sos: ". G.. Hitchcock S-3.
Franklin Bicn. counsel for David I. Lindsay aud for
nnchmcycr Scheier Co., got attachments yesterday
morning against schwab 4 SON. The amount
In In a A., circular which Mr. Bicn has sent
Of tho aiachmen he says He andaSs ,0 ON WHICH
the attachments were granted charge fraud To
reporter who called at Mr. h lcn's Office the follow
Sch"ab son tO the mercantile agencies on January
!, 1--7, that they owed only about 5000 borrowed
money, and their confession on assignment Of ludg-
mcnis itr borrowed money 10 the extent OF rl2OOO
or $1,000 do not agree. and 1t IS plain that they
borrowed this money before January /"
Leopold Wallach counsel for schwab 4 Son, said,
when his attention was called to the FOREGOING l"n
can say that Schwab son made no statement l" any
To ali ~hr InrT sir schwab. tie idea OF MS com
mtus suicide !, too ptcpJ'ier'ii I" be eheFti'n'c
A. Sch~ab & sens Office on Hro,hway young Mr.
for dollar Tho creditors who obtained attachments
agaln,i Us were not at he meeting bur unicrSlan'
us Nv father lad d, fc insured I'm life and accident
,'uracr panc' TO mi cNrem' "i ZINC" ycars
That fhc assignment >hould have been madr so sooi
after li, death is nothing more than an unioiiuhat'
A. The New York Lifc Insurance Company the re
porter founi that II had been given ont that jacob
ialr. Nr >chwaJ was insured for $4,000 In the
600 in ne rravcicr,'. 81 Hca.York. and Tor 5000
in the New ENGLAND Mutual IN" other sums that x
to r1lr mp ta' total wcre In small assessment com